In the absence of a partnership deed, the act stipulates ...
In the absence of a partnership deed, the act stipulates that
An amount should be fixed as salary for partners
Interest on partners loan should be 25%
Interest should not be allowed on partners drawings
Profits and losses should not be shared equally
Correct answer is C
In absence of a partnership deed, a partnership Act cannot allow you to charge interest on capital, you cannot charge interest on drawing, you cannot give any salary to any partner, any rent to any partner, and any commission to any partner. also, you have to share profit in an equal ratio.
The part of equity which is payable on winding up is called? ...
To account for expenses paid by head office on behalf of the branch, the branch should ...
Stock or raw materials(1st January) 3000 Direct wages 2500 Direct expenses 1000 Factory overheads...
Income received in advance is treated in the balance sheet as a ...
Which of the following documents set out the internal regulations of a partnership? ...